Brokers Face Fraud Suit Over Bogus $332M Oil Field Deal

Law360, New York (September 20, 2011, 10:28 PM EDT) -- Broker-dealer World Trade Financial Corp. and clearing broker Pension Financial Services were sued Tuesday for allegedly enabling a U.S. investment firm to sell $332 million in worthless unregistered shares in exchange for an oil and gas field in Kazakhstan.  

In its complaint filed in Texas federal court, Kazakhstani oil and gas company Kazenercom Too claimed World Trade and Pension had traded with Nevada-based Turan Petroleum Inc. to help it create a false secondary market for its shares. The trades allegedly allowed Turan to offer its...
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Case Information

Case Title

Kazenercom Too et al v. World Trade Financial Corporation et al

Case Number



Texas Western

Nature of Suit



Lee Yeakel

Date Filed

September 20, 2011


Government Agencies

UK Financial Services

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